A UK court has ruled against Nigeria in the $1.7bn suits against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245.
Judge Sara Cockerill of the Business and Property Courts of England and Wales Commercial Court held on Tuesday that the Nigerian government couldn’t show that it had been defrauded.
Nigeria argued among other things that the bank acted negligently when it transferred $875 million in funds between 2011 to 2013 from government accounts to Etete, who had been convicted of money laundering.